# In the matter of White & Brown & Alloys Castings Private Limited C.A. No. 510-KB-2018 in C.P. (IB) No. 947-KB-2018

> NCLT judgment dated 2019-08-26. Citation: TCN-2019-NCLT-01768. This case involves an application under Sections 66 and 67 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Aug 2019
- **Citation:** TCN-2019-NCLT-01768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/white-brown-alloys-castings-private-limited-ca-no-510-kb-2018-in-cp-ib-no-947-kb-a01a5258

## Summary

### Background

This case involves an application under Sections 66 and 67 of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional, Mr. Anil Anchalia, against the Promoter and Director of the Corporate Debtor, Sri Aniruddha Mukherjee. The Resolution Professional was appointed by the Tribunal's order dated December 10, 2018. The core issue revolves around the Respondent's alleged non-cooperation with the resolution process, including failure to hand over records and unauthorized withdrawal of funds from the Corporate Debtor's accounts during the CIRP period.

## Facts

Mr. Anil Anchalia, the Resolution Professional, filed an application against Sri Aniruddha Mukherjee, the Promoter and Director of White & Brown Alloy Castings Private Limited (Corporate Debtor). The Resolution Professional was appointed on December 10, 2018. The Respondent allegedly failed to cooperate with the resolution process by not handing over records and documents. The Respondent is accused of unauthorizedly withdrawing Rs. 13,80,000 from the Corporate Debtor's UCO Bank account and Rs. 77,000 from the Kotak Mahindra Bank account between December 10, 2018, and January 16, 2019, during the CIRP period. The Respondent admitted to withdrawing Rs. 14.57 lakhs but claimed it was for the benefit of the company. The Tribunal had ordered a moratorium on December 12,

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## Issues and analysis

### Issue 1: Whether the Respondent's failure to cooperate with the Resolution Professional and hand over …

**Ratio:** The Insolvency and Bankruptcy Code mandates cooperation from the Corporate Debtor's

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**Reasoning:** The Tribunal noted that despite its earlier directions, the Respondent failed to hand

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**Interpretation:** The Code emphasizes the importance of transparency and cooperation in the CIRP

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**Application:** The Respondent's failure to provide records directly impeded the Resolution

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Anil Anc…
- **Respondents:** White & Brown…; ANIRUDDHA…

## Timeline

- **2018-12-10 — Appointment of…**: Mr. Anil Anchalia appointed as…
- **2018-12-12 — Moratorium…**: Tribunal orders a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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